CALIFORNIA TAX CREDIT ALLOCATION COMMITTEE · 2019. 11. 15. · CALIFORNIA TAX CREDIT ALLOCATION...
Transcript of CALIFORNIA TAX CREDIT ALLOCATION COMMITTEE · 2019. 11. 15. · CALIFORNIA TAX CREDIT ALLOCATION...
TCAC APPLICANT:
PROJECT NAME:
The undersigned TCAC Applicant hereby makes application to the California Tax Credit Allocation Committee (“TCAC”)
for a reservation of Federal and State Low-Income Housing Tax Credits (“Credits”) in the amount(s) of:
annual Federal Credits
total State Credits
for the purpose of providing low-income rental housing as herein described. I understand that Credit amount
preliminarily reserved for this project, if any, may be adjusted over time based upon changing project costs and
financial feasibility analyses which TCAC is required to perform on at least three occasions.
Election to sell ("certificate') state credits: By selecting "Yes" or "No" in the box immediately before, I hereby
make an election to sell ("certificate") or not sell all or any portion of the state credit, as allowed pursuant to
Revenue and Taxation Code Sections 12206(o), 17058(q), and 23610.5(r). I further certify that the applicant is a
non-profit entity, and that the state credit price will not be less than eighty (80) cents per dollar of credit.
I acknowledge that if I elect to sell ("certificate") all or any portion of the state credit, I may, only once, revoke
an election to sell at any time before CTCAC issues the Form(s) 3521A for the project.
I agree it is my responsibility to provide TCAC with the original complete application as well as such other information
as TCAC requests as necessary to evaluate my application. I represent that if a reservation or allocation of Credit
is made as a result of this application, I will also furnish promptly such other supporting information and documents
as may be requested. I understand that TCAC may verify information provided and analyze materials submitted as
well as conduct its own investigation to evaluate the application. I recognize that I have an affirmative duty to inform
TCAC when any information in the application or supplemental materials is no longer true and to supply TCAC with
the latest and accurate information.
I certify that the numbers describing project cost, development budget, financing amounts, operating subsidies, unit
mix and targeting, and all related application documents are the same as those provided in applications submitted to
CDLAC, CalHFA, and HCD, as applicable. I certify that any applications, revisions, or updates provided to TCAC,
CDLAC, CalHFA, or HCD will be provided to all other of these state agencies providing financing, tax credits, or
subsidies to the project.
No
October 30, 2019 Version
$448,895
Neighborhood Partners, LLC
Check Only
2020 NON-COMPETITVE 4% TCAC APPLICATION FOR LOW-INCOME HOUSING TAX CREDITS
PLEASE INCLUDE APPLICATION FEE WITH APPLICATION SUBMISSION
Heritage Commons Phase III
II. APPLICATION - SECTION 1: TCAC APPLICANT STATEMENT AND CERTIFICATION
FEDERAL CREDIT WITH TAX-EXEMPT BONDS, INCLUDING STATE CREDITS ($500M /Farmworker)
CALIFORNIA TAX CREDIT ALLOCATION COMMITTEE
(ATTACHMENT 40 FOR CDLAC-TCAC JOINT APPLICATION)
$3,463,693
1 Application
I acknowledge that if I receive a reservation of Tax Credits, I will be required to submit requisite documentation at
the following stages: updated development timetable under regulation section 10326(j)(4), and the time the project
is placed-in-service.
I represent I have read Section 42 of the Internal Revenue Code (IRC) pertaining to Federal Tax Credits, and if
applying for State Tax Credits, I represent I have also read California Health and Safety Code Sections 50199.4 et
seq. and California Revenue and Taxation Code Sections 12206, 17058, and 23610.5 pertaining to the State Tax
Credit program. I understand that the Federal and State Tax Credit programs are complex and involve long-term
maintenance of housing for qualified low-income households. I acknowledge that TCAC has recommended that
I seek advice from my own tax attorney or tax advisor.
I certify that I have read and understand the provisions of Sections 10322(a) through (h) related to application filing
deadlines, forms, incomplete applications, and application changes.
I agree to hold TCAC, its members, officers, agents, and employees harmless from any matters arising out of or
related to the Credit program.
I agree that TCAC will determine the Credit amount to comply with requirements of IRC Section 42 but that TCAC
in no way warrants the feasibility or viability of the project to anyone for any purpose. I acknowledge that TCAC
makes no representation regarding the effect of any tax Credit which may be allocated and makes no representation
regarding the ability to claim any Credit which may be allocated.
I acknowledge that all materials and requirements are subject to change by enactment of federal or state legislation
or promulgation of regulations.
In carrying out the development and operation of the project, I agree to comply with all applicable federal and state
laws regarding unlawful discrimination and will abide by all Credit program requirements, rules, and regulations.
I acknowledge that the Low-Income Housing Tax Credit program is not an entitlement program and that my application
will be evaluated based on the Credit statutes, regulations, and the Qualified Allocation Plan adopted by TCAC which
identify the priorities and other standards which will be employed to evaluate applications.
I acknowledge that an award of federal or state Tax Credits does not guarantee that the project will qualify for Tax
Credits. Both federal law and the state law require that various requirements be met on an ongoing basis. I agree that
compliance with these requirements is the responsibility of the applicant.
I acknowledge that the information submitted to TCAC in this application or supplemental thereto may be subject to
the Public Records Act or other disclosure. I understand that TCAC may make such information public.
I acknowledge that if I obtain an allocation of Federal or State Tax Credits, I will be required to enter into a regulatory
contract that will contain, among other things, all the conditions under which the Credits were provided including the
selection criteria delineated in this application.
I declare under penalty of perjury that the information contained in the application, exhibits, attachments, and any
further or supplemental documentation is true and correct to the best of my knowledge and belief.
I certify and guarantee that each item identified in TCAC’s minimum construction standards will be incorporated into
the design of the project, unless a waiver has been approved by TCAC. The project will at least maintain the installed
energy efficiency and sustainability features' quality when replacing systems and materials. When requesting a
threshold basis increase for a prevailing wage requirement, if the project is subject to state prevailing wages, I certify
that contractors and subcontractors will comply with California Labor Code Section 1725.5. When requesting a
threshold basis increase for development impact fees, the impact fee amounts are accurate as of the application date.
2 Application
In an application proposing rehabilitation work, I certify that all necessary work identified in the Capital Needs
Assessment, including the immediate needs listed in the report, will be performed (unless a waiver is granted) prior to
the project's rehabilitation completion.
I understand that any misrepresentation may result in cancellation of Tax Credit reservation, notification of the Internal
Revenue Service and the Franchise Tax Board, and any other actions that TCAC is authorized to take pursuant to
California Health and Safety Code Section 50199.22, issuance of fines pursuant to California Health and Safety Code
Section 50199.10, and negative points per Regulation Section 10325(c)(3) or under general authority of state law.
I certify that I believe that the project can be completed within the development budget and the development timetable
set forth (which timetable is in conformance with TCAC rules and regulations) and can be operated in the manner
proposed within the operating budget set forth.
I agree that TCAC is not responsible for actions taken by the applicant in reliance on a prospective Tax Credit
reservation or allocation.
Dated this day of , 20___ at
, California.
By:
(Original Signature)
(Typed or printed name)
(Title)
Davis
5th November
Luke Watkins
Luke Watkins
3 Application
Local Jurisdiction:
City Manager:
Title:
Mailing Address:
City:
Zip Code:
Phone Number: Ext.
FAX Number:
E-mail:
* For City Manager, please refer to the following the website below:
City Manager
City of Dixon
Jim Lindley
(707) 678-0960
http://www.treasurer.ca.gov/ctcac/2018/lra/contact.pdf
(707) 678-7000
600 East A Street
Dixon
95620
101
4 Application
A. Application Type
Application type:
Joint Application?
Prior application was submitted but not selected?
If yes, enter application number: TCAC # CA - -
Has credit previously been awarded?
If re-applying and returning credit, enter the current application number: TCAC # CA - -
Is this project a Re-syndication of a current TCAC project?
If a Resyndication Project, complete the Resyndication Projects section below.
B. Project Information
Project Name:
Site Address:
If address is not established, enter detailed description (i.e. NW corner of 26th and Elm)
City: County:
Zip Code: Census Tract:
Assessor's Parcel Number(s):
Project is located in a DDA: *Federal Congressional District:
Project is located in a Qualified Census Tract: *State Assembly District:
Project is a Scattered Site Project: *State Senate District:
Project is Rural as defined by TCAC Regulation Section 10302(kk):
*Accurate information is essential; the following website is provided for reference:
https://www.govtrack.us/congress/members/map http://findyourrep.legislature.ca.gov/
C. Credit Amount Requested
State Farmworker Credit?
D. Federal Minimum Set-Aside Election (IRC Section 42(g)(1))
E. Housing Type Selection
If Special Needs housing, enter number of Special Needs units:
(Note: Housing Type is used to establish operating expense minimums under regulation section 10327(g)(1))
F. Geographic Area (Reg. Section 10315(i))
Please select the project's geographic area:
95620
40%/60%
No
II. APPLICATION - SECTION 2: GENERAL AND SUMMARY INFORMATION
No
No
Northern Region: Butte, Marin, Napa, Shasta, Solano, and Sonoma Counties
Heritage Commons Phase III
Federal $448,895
3
5
Solano
No
Dixon
Yes
Yes
2534.02
Preliminary Reservation
3
$3,463,693State
195/197 Heritage Lane
0116-130-460 and 0116-130-490
8Seniors
No
CDLAC-TCAC Joint Application (submitting concurrently)
5 Application
A. Identify TCAC Applicant
Applicant is the current owner and will retain ownership:
Applicant will be or is a general partner in the to be formed or formed final ownership entity:
Applicant is the project developer and will be part of the final ownership entity for the project:
Applicant is the project developer and will not be part of the final ownership entity for the project:
B. TCAC Applicant Contact Information
Applicant Name:
Street Address:
City: State: Zip Code:
Contact Person:
Phone: Ext.: Fax:
Email:
C. Legal Status of Applicant: Parent Company:
If Other, Specify:
D. General Partner(s) Information (post-closing GPs):
D(1) General Partner Name:
Street Address: OWNERSHIP
City: State: Zip Code: INTEREST (%):
Contact Person:
Phone: Ext.: Fax:
Email:
Nonprofit/For Profit: Parent Company:
D(2) General Partner Name:*
Street Address: OWNERSHIP
City: State: Zip Code: INTEREST (%):
Contact Person:
Phone: Ext.: Fax:
Email:
Nonprofit/For Profit: Parent Company:
D(3) General Partner Name:
Street Address: OWNERSHIP
City: State: Zip Code: INTEREST (%):
Contact Person:
Phone: Ext.: Fax:
Email:
Nonprofit/For Profit: Parent Company:
E. General Partner(s) or Principal Owner(s) Type *If Joint Venture, 2nd GP must be included if
applicant is pursuing a property tax exemption
F. Status of Ownership Entity Reg. Section 10327(g)(2) - "TBD" not sufficient
If to be formed, enter date:
*(Federal I.D. No. must be obtained prior to submitting carryover allocation package)
0.0029
0.0051
0.002
Nonprofit
Managing GP
2745 Portage Bay East
Administrative GP
Davis
Davis
(530) 756-1899
Bill Powell
Delta Senior Housing Communities, Inc.
1388 Sutter Street, 11th Floor
Margaret Miller
John Stewart Company
(530) 902-3338
JSCo Heritage Commons III LLC
(415) 614-9175
94109
(415) 345-4465
For Profit
NP Heritage Commons III LLC
currently exists
Joint Venture
Yes
Neighborhood Partners, LLC
San Francisco CA
95616
For Profit
CA
DSHC Heritage Commons III LLC
Neighborhood Partners, LLC
(530) 400-2927
123 El Cajon Avenue
N/A
N/A
CA
95616
Luke Watkins
Yes
CA
(530) 756-1899
II. APPLICATION - SECTION 3: APPLICANT INFORMATION
95616
Other
Luke Watkins
2745 Portage Bay East
Davis
LLC
(530) 400-2927
Administrative GP
6 Application
G. Contact Person During Application Process
Company Name:
Street Address:
City: State: Zip Code:
Contact Person:
Phone: Ext.: Fax:
Email:
Participatory Role:
(e.g., General Partner, Consultant, etc.)
2745 Portage Bay East
Neighborhood Partners, LLC
Davis
(530) 400-2927
CA
Luke Watkins
General Partner
95616
(530) 756-1899
7 Application
A. Indicate and List All Development Team Members
Developer: Architect:
Address: Address:
City, State, Zip City, State, Zip:
Contact Person: Contact Person:
Phone: Ext.: Phone: Ext.:
Fax: Fax:
Email: Email:
Attorney: General Contractor:
Address: Address:
City, State, Zip City, State, Zip:
Contact Person: Contact Person:
Phone: Ext.: Phone: Ext.:
Fax: Fax:
Email: Email:
Tax Professional: Energy Consultant:
Address: Address:
City, State, Zip City, State, Zip:
Contact Person: Contact Person:
Phone: Ext.: Phone: Ext.:
Fax: Fax:
Email: Email:
CPA: Investor:
Address: Address:
City, State, Zip City, State, Zip:
Contact Person: Contact Person:
Phone: Ext.: Phone: Ext.:
Fax: Fax:
Email: Email:
Consultant: Market Analyst:
Address: Address:
City, State, Zip City, State, Zip:
Contact Person: Contact Person:
Phone: Ext.: Phone: Ext.:
Fax: Fax:
Email: Email:
Appraiser: CNA Consultant:
Address: Address:
City, State, Zip City, State, Zip:
Contact Person: Contact Person:
Phone: Ext.: Phone: Ext.:
Fax: Fax:
Email: Email:
(916) 373-9300
Bernd Brandle
M.E. Shay & Co.
Williams & Olds
(916) 858-1005
(503) 223-0925
Enterprise Housing Credit Investment
(916) 858-1005
1006 Fourth Street, 6th Floor
Mary Ellen Shay
Sacramento, CA 95814
Integra Realty Resources
Sacramento, CA 95825
Williams & Olds
123 C Street
(719) 225-1556
Sacramento, CA 95825
(503) 223-0955
Davis, CA 95616
1001 SW 5th Avenue, Suite 300900 University Avenue, Suite 100
(916) 444-0288
3825 Atherton Road, Suite 500
2745 Portage Bay East
James Zanetto
Steve Strain
(916) 444-0286
(916) 444-3408
Portland, OR 97204
[email protected] [email protected]
sneiswonger@brown-construction
(916) 858-1680
Jamie Williams
(916) 858-1680
(916) 374-8616
Jamie Williams
Sacramento, CA 95811
(530) 400-2927
1455 Enterprise Boulevard
(530) 758-8801
(530) 756-1899
Luke Watkins
Law Office of Patrick Sabelhaus
1724 10th Street
Davis, CA 95616 Davis, CA 95616
(530) 758-8801
Brown Construction, Inc.
Alea German
Frontier Energy
2459 Creekhollow Lane
Neighborhood Partners, LLC James Zanetto
West Sacramento, CA 95691
900 University Avenue, Suite 100
II. APPLICATION - SECTION 4: DEVELOPMENT TEAM INFORMATION
Steve Neiswonger
(916) 444-3408
Rocklin, CA 95765
(916) 435-4774
228
Eric Segal
(916) 435-3883
8 Application
Bond Issuer: Prop. Mgmt. Co.:
Address: Address:
City, State, Zip: City, State, Zip:
Contact Person: Contact Person:
Phone: Ext.: Phone: Ext.:
Fax: Fax:
Email: Email:
2nd Prop. Mgmt. Co.:
Address:
City, State, Zip:
Contact Person:
Phone: Ext.:
Fax:
Email:
Sacramento, CA 95815
Tracy Esposito
(916) 561-0326
500 Capitol Mall, Suite 1400, MS 1420
John Stewart Company
Sacramento, CA 95814
Kevin Brown
California Housing Finance Agency
1455 Response Road, Suite 140
(916) 326-8808 (916) 561-0323
9 Application
A. Type of Credit Requested
New Construction If yes, will demolition of an existing structure be involved?
(may include Adaptive Reuse) If yes, will relocation of existing tenants be involved?
Rehabilitation-Only Is this an Adaptive Reuse project?
Acquisition & Rehabilitation If yes, please consult TCAC staff to determine the applicable
regulatory requirements (new construction or rehabilitation).
B. Acquisition and Rehabilitation/Rehabilitation-only Projects
If requesting Acquisition Credit, will the acquisition meet the 10-year placed in service rule as required
by IRC Sec. 42(d)(2)(B)(ii)?
If no, will it meet the waiver conditions of IRC Sec. 42(d)(6)?
Acquisition basis is established using:
Will the rehabilitation and/or the income and rent restrictions of Sec. 42 cause relocation of
existing tenants?
Age of Existing Structures No. of Existing Buildings
No. of Occupied Buildings No. of Existing Units
No. of Stories
Current Use:
Resyndication Projects
Current/original TCAC ID: TCAC # CA - - TCAC # CA - -
First year of credit:
Are Transfer Event provisions applicable? See questionnaire on TCAC website.
Is the project currently under a Capital Needs Agreement with TCAC?
If so, has the Short Term Work been completed? See Checklist, Tab 8 for documentation requirements.
Is the project subject to hold harmless rent limits? If yes, see page 18 and Checklist, Tab 8.
C. Purchase Information
Name of Seller: Signatory of Seller:
Seller Principal: Seller Principal:
Title: Title:
Seller Address:
Date of Purchase Contract or Option: Purchased from Affiliate:
Expiration Date of Option: If yes, broker fee amount to affiliate?
Purchase Price: Expected escrow closing date:
Phone: Ext.: Historical Property/Site:
Holding Costs per Month: Total Projected Holding Costs:
Real Estate Tax Rate: Purchase price over appraisal
Amount of SOFT perm financing covering the excess purchase price over appraised value
D. Project, Land, Building and Unit Information
Project Type:
Two or More Story With an Elevator: if yes, enter number of stories:
Two or More Story Without an Elevator: if yes, enter number of stories:
One or More Levels of Subterranean Parking:
Other:
Bill Powell
President
123 El Cajon Avenue, Davis, CA 95616
(530) 902-3338
Three-story flats.
Yes
N/A
N/A
No
II. APPLICATION - SECTION 5: PROJECT INFORMATION
Bill Powell
$0 transfer
$50
3
N/A
N/A
N/A
N/A
N/A
No
$300
05/01/20
Delta Senior Housing Communities, Inc.
N/A
1.14%
N/A
N/A
Yes
N/A
Yes
If yes, applicants must submit an explanation of relocation requirements, a detailed relocation
plan including a budget with an identified funding source (see Checklist).
N/A
N/A
N/A
N/A
N/A
Other (Specify below)
10 Application
E. Land Density:
x Feet or Acres Square Feet
If irregular, specify measurements in feet, acres, and square feet:
F. Building Information
Total Number of Buildings: Residential Buildings:
Community Buildings: Commercial/ Retail Space:
If Commercial/ Retail Space, explain: (include use, size, location, and purpose)
Are Buildings on a Contiguous Site?
If not Contiguous, do buildings meet the requirements of IRC Sec. 42(g)(7)?
Do any buildings have 4 or fewer units?
If yes, are any of the units to be occupied by the owner or
a person related to the owner (IRC Sec. 42(i)(3)(c))?
G. Project Unit Number and Square Footage
Total Project Cost per Unit
Total Residential Project Cost per Unit
Total Eligible Basis per Unit
No
$314,882
below
Yes
43
43
27,249
100.00%
$335,136
N/A
Total square footage of all residential units (excluding managers’ units):
Total square footage of Low Income Units:
Ratio of low-income residential to total residential square footage (excluding managers’ units):
44
1,058
27,249
100.00%
49,789
Total common area square footage (including managers’ units):
100.00%Applicable fraction, smaller of unit or square footage ratio (used on "Basis & Credits"):
Total interior amenity space square footage (TCAC Regulation Section 10325(g)(1)):
Total commercial/ retail space square footage:
*Total square footage of all project structures (excluding commercial/retail):
*equals: "total square footage of all residential units" + "total interior amenity space square footage" + "total common
area square footage" + "total parking structure square footage")
Total parking structure square footage (excludes car-ports and "tuck under" parking):
This is phase III of the Heritage Commons senior housing complex. A 2,100 s.f. community
building was constructed in the 60-unit Phase I, and is currently shared with the 54-unit
No
1.14
Total number of units:
Total number of non-Tax Credit Units (i.e. market rate units) (excluding managers' units):
Total number of units (excluding managers’ units):
Total number of Low Income Units:
N/A
44
28,307
$335,136
Ratio of Low Income Units to total units (excluding managers’ units):
38.50
11 Application
H. Tenant Population Data
Completion of this section is required. The information requested in this section is for national
data collection purposes, and is not intended for threshold and competitive scoring use;
however, the completed table should be consistent with information provided in the application and
attachments.
Indicate the number of units anticipated for the following populations:
Other:
Units with tenants qualifying as two or more of the above (explain):
Farmworker
N/A
N/A
Transition age youth
Rural area consistent with TCAC methodology
8
N/A
Persons with physical, mental, development disabilities
Family Reunification
Persons with HIV/AIDS
N/A
Transitional housing
Homeless/formerly homeless N/A
N/A
For 4% federal applications only:
Yes
N/A
12 Application
A. Required Approvals Necessary to Begin Construction
Negative Declaration under CEQA
NEPA
Toxic Report
Soils Report
Coastal Commission Approval
Article 34 of State Constitution
Site Plan
Conditional Use Permit Approved or Required
Variance Approved or Required
Other Discretionary Reviews and Approvals
Current Land Use Designation
Current Zoning and Maximum Density
Proposed Zoning and Maximum Density
Building Height Requirements
Required Parking Ratio
Planned Development District (PMR-PD) - 38.6 units/acre
Actual
Approval
Approval Dates
N/A
8/24/2018
N/A
8/1/2018
11/8/2005
High Density
8/11/2017
II. APPLICATION - SECTION 6: REQUIRED APPROVALS & DEVELOPMENT TIMETABLE
Estimated
Approval
36 feet
6/20/2017
Project and Site Information
26 spaces for 44 units (0.59 spaces per unit)
N/A
N/A
Planned Development District (PMR-PD) - 38.6 units/acre
Application
Submittal
Occupancy restrictions that run with the land
due to CUP’s or density bonuses?No
N/A
(if yes, explain here)
13 Application
B. Development Timetable
/
Environmental Review Completed /
Site Acquired /
Conditional Use Permit /
Variance /
Site Plan Review /
Grading Permit /
Building Permit /
Loan Application /
Enforceable Commitment /
Closing and Disbursement /
Loan Application /
Enforceable Commitment /
Closing and Disbursement /
Type and Source: /
Application /
Closing or Award /
Type and Source: /
Application /
Closing or Award /
Type and Source: /
Application /
Closing or Award /
Type and Source: /
Application /
Closing or Award /
Type and Source: /
Application /
Closing or Award /
Type and Source: /
Application /
Closing or Award /
10% of Costs Incurred /
Construction Start /
Construction Completion /
Placed In Service /
Occupancy of All Low-Income Units /
2020
12
N/A
6
SITE2005
LOCAL PERMITS 2017
N/A
3
2019
N/A
2018
N/A
Land Donation from MGP (Parent Entity)
7
N/A
N/A
N/A
N/A
N/A
5
N/A
N/A
2018
First Northern Bank AHP
OTHER LOANS
AND GRANTS
HCD HOME
12
6
2020
N/A
N/A
2018
N/A
2019
5 2020
5 2020
2019
2019
11
7
(specify here)
2 2019
N/A
N/A
10
N/A
5
(specify here) N/A
2009
CONSTRUCTION
FINANCING
Year
(specify here)
2009
N/A
2022
Actual or Scheduled
Month
6
8
PERMANENT
FINANCING
11
14 Application
A. Construction Financing
List Below All Projected Sources Required To Complete Construction
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
11)
12)
1) Lender/Source: 2) Lender/Source:
Street Address: Street Address:
City: City:
Contact Name: Contact Name:
Phone Number: Ext.: Phone Number: Ext.:
Type of Financing: Type of Financing:
Variable Rate Index (if applicable): Variable Rate Index (if applicable):
Is the Lender/Source Committed? Is the Lender/Source Committed?
3) Lender/Source: 4) Lender/Source:
Street Address: Street Address:
City: City:
Contact Name: Contact Name:
Phone Number: Ext.: Phone Number: Ext.:
Type of Financing: Type of Financing:
Is the Lender/Source Committed? Is the Lender/Source Committed?
5) Lender/Source: 6) Lender/Source:
Street Address: Street Address:
City: City:
Contact Name: Contact Name:
Phone Number: Ext.: Phone Number: Ext.:
Type of Financing: Type of Financing:
Is the Lender/Source Committed? Is the Lender/Source Committed?
Term (months)
24
684
Variable
Fixed
Investor Equity
Costs Deferred to Perm. Phase
Amount of Funds
$14,746,000
Yes Yes
333 Market Street, 17th Floor
Charles Gray
Deferred Loan
(916) 263-1014
$8,000,000
$275,000
First Northern Bank AHP
Total Funds For Construction:
No
(530) 902-3338
Sacramento, CA 95833
Land Donation from MGP (Parent Entity)
Fixed
$650,161
Residual Receipts Loan
HCD HOME
N/A
Costs Deferred to Perm. Phase
Land Donation from MGP (Parent Entity)
Jeff Adamski
Yes
Davis, CA 95616
N/A
N/A
N/A
(select)
HCD HOME
684
LIBOR
2020 W. El Camino Avenue, Suite 650
(select)
(select)
(select)
(select)
195 N. First Street
Yes
123 El Cajon Avenue
First Northern Bank AHP
Bernd Brandle
San Francisco, CA 94105
Enterprise Housing Credit Investments
Wells Fargo Bank
(503) 223-0955
Deferred Loan
Yes
Jeff Bennett
Private Construction Loan
Bill Powell
Dixon, CA 95620
(707) 678-7875
1001 SW 5th Avenue, Suite 300
(415) 801-8522
Portland, OR 97204
$3,119,077
(select)
Name of Lender/Source
$1,733,762
Enterprise Housing Credit Investments
Fixed/Variable
$968,000
III. PROJECT FINANCING - SECTION 1: CONSTRUCTION FINANCING
Interest Rate
5.000%
3.000%
Wells Fargo Bank
15 Application
7) Lender/Source: 8) Lender/Source:
Street Address: Street Address:
City: City:
Contact Name: Contact Name:
Phone Number: Ext.: Phone Number: Ext.:
Type of Financing: Type of Financing:
Is the Lender/Source Committed? Is the Lender/Source Committed?
9) Lender/Source: 10) Lender/Source:
Street Address: Street Address:
City: City:
Contact Name: Contact Name:
Phone Number: Ext.: Phone Number: Ext.:
Type of Financing: Type of Financing:
Is the Lender/Source Committed? Is the Lender/Source Committed?
11) Lender/Source: 12) Lender/Source:
Street Address: Street Address:
City: City:
Contact Name: Contact Name:
Phone Number: Ext.: Phone Number: Ext.:
Type of Financing: Type of Financing:
Is the Lender/Source Committed? Is the Lender/Source Committed?
NoNo
No
NoNo
No
16 Application
A. Permanent Financing
List Below All Projected Sources Required To Complete Construction
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
11)
12)
1) Lender/Source: 2) Lender/Source:
Street Address: Street Address:
City: City:
Contact Name: Contact Name:
Phone Number: Ext.: Phone Number: Ext.:
Type of Financing: Type of Financing:
Is the Lender/Source Committed? Is the Lender/Source Committed?
3) Lender/Source: 4) Lender/Source:
Street Address: Street Address:
City: City:
Contact Name: Contact Name:
Phone Number: Ext.: Phone Number: Ext.:
Type of Financing: Type of Financing:
Is the Lender/Source Committed? Is the Lender/Source Committed?
Amount of
Funds
Land Donation from MGP (Parent Entity)
Yes
Yes
$968,000Deferred684
$275,000
4.010% $2,200,000$160,118
Interest
Rate
Residual
240
First Northern Bank AHP
684
III. PROJECT FINANCING - SECTION 2: PERMANENT FINANCING
3.000%
Land Donation from MGP (Parent Entity)
First Northern Bank AHP
Residual
Receipts /
Deferred Pymt.
$928,579
CA Community Reinvestment Corp.
Deferred Developer Fee
HCD HOME $3,467,814
Annual Debt
Service
Name of Lender/Source Term (months)
HCD HOME
2020 W. El Camino Avenue, Suite 650
Total Tax Credit Equity:
CA Community Reinvestment Corp.
Residual Receipts LoanTax-Exempt Bond
(818) 550-9809
Davis, CA 95616
Bill Powell
123 El Cajon Avenue
Investor Equity
100 West Broadway, Suite 1000
Sacramento, CA 95833
(916) 263-1014
$7,839,393Total Permanent Financing:
$6,906,607
Dixon, CA 95620
Yes
$14,746,000
Jeff Adamski
195 N. First Street
Glendale, CA 91210
Charles GrayMeg Babakhanian
Total Sources of Project Funds:
Yes
(503) 223-0955 (530) 902-3338
Deferred Loan
17 Application
5) Lender/Source: 6) Lender/Source:
Street Address: Street Address:
City: City:
Contact Name: Contact Name:
Phone Number: Ext.: Phone Number: Ext.:
Type of Financing: Type of Financing:
Is the Lender/Source Committed? Is the Lender/Source Committed?
7) Lender/Source: 8) Lender/Source:
Street Address: Street Address:
City: City:
Contact Name: Contact Name:
Phone Number: Ext.: Phone Number: Ext.:
Type of Financing: Type of Financing:
Is the Lender/Source Committed? Is the Lender/Source Committed?
9) Lender/Source: 10) Lender/Source:
Street Address: Street Address:
City: City:
Contact Name: Contact Name:
Phone Number: Ext.: Phone Number: Ext.:
Type of Financing: Type of Financing:
Is the Lender/Source Committed? Is the Lender/Source Committed?
11) Lender/Source: 12) Lender/Source:
Street Address: Street Address:
City: City:
Contact Name: Contact Name:
Phone Number: Ext.: Phone Number: Ext.:
Type of Financing: Type of Financing:
Is the Lender/Source Committed? Is the Lender/Source Committed?
B. Tax-Exempt Bond Financing
Will project receive tax-exempt bond financing for more than 50% of the aggregate
basis of the building(s) (including land) in the project? (IRC Sec. 42(h)(4)):
CDLAC Allocation?
Date application was submitted to CDLAC (Reg. Section 10326(h)):
Date of CDLAC application approval, actual or anticipated (Reg. Section 10326(j)(1)):
Estimated date of Bond Issuance (Reg. Section 10326(e)(2)):
Percentage of aggregate basis financed by the bonds? (Reg. Section 10326(e)(2)):
Name of Bond Issuer (Reg. Section 10326(e)(1)):
Will project have Credit Enhancement?
If Yes, identify the entity providing the Credit Enhancement:
Contact Person:
Phone: Ext.:
What type of enhancement is being provided?
11/15/2019
2/15/2020
5/1/2020
56.62%
No
No
(specify here)
Deferred Developer Fee
California Housing Finance Agency
No
No
No
Yes
Yes
(select one)
No
No
No
No
18 Application
A. Low Income Units
Is this a resyndication project using hold harmless rent limits in the above table?
These rents cannot exceed the federal set-aside current tax credit rent limits.
See TCAC Regulation Section 10327(g)(8).
49.1%
N/A
19 $14,3641 Bedroom
(c)
Proposed
Monthly Rent (Less Utilities)
(a)
Bedroom
Type(s)
$14,672 60.0%
Total:Total # Units:
$47
$47
$917
50.0%
43
$756
(h)
% of
Actual
AMI
$803
$335
Average:$31,340
$47 $964 60%
25%1 Bedroom
(b)
Number of
Units
$288
(e)
Monthly
Utility
1 Bedroom
50%
$2,3048
16
(f)
Monthly Rent
Plus Utilities
(c + e)
(g)
% of Area
Median
Income
20.9%
(d)
Total Monthly
Rents
(b x c)
III. PROJECT FINANCING - SECTION 3: INCOME INFORMATION
19 Application
B. Manager Units
State law requires an onsite manager's unit for projects with 16 or more residential units.
TCAC Regulation Section 10326(g)(6) requires projects with at least 161 units to provide a second
on-site manager's unit, with one additional for each 80 units beyond, up to 4 on-site manager units.
Scattered site projects of 16 or more units must have at least one manager unit at each site
consisting of 16 or more residential units.
Projects may employ full-time property management staff and provide an equivalent number of desk
or security staff for the hours when the property management staff are not working. See TCAC
Regulation Section 10325(f)(7)(J) for details on the requirements for this option.
Project with desk or security staff in lieu of on-site manager unit(s)
See TCAC Regulation Section 10325(f)(7)(J) for complete requirements.
C. Market Rate Units
Aggregate Monthly Rents For All Units:
Aggregate Annual Rents For All Units:
D. Rental Subsidy Income/Operating Subsidy
Complete spreadsheet "Subsidy Contract Calculation"
Number of Units Receiving Assistance:
Length of Contract (years):
Expiration Date of Contract:
Total Projected Annual Rental Subsidy:
(a)
Bedroom
Type(s)
(b)
Number of
Units
$1,250
(c)
Proposed
Monthly Rent (Less Utilities)
(d)
Total Monthly
Rents
(b x c)
No
Total # Units: 1 Total: $1,250
$32,590
Total:
9/30/2041
(a)
Bedroom
Type(s)
(c)
Proposed
Monthly Rent (Less Utilities)
1 Bedroom 1 $1,250
(d)
Total Monthly
Rents
(b x c)
(b)
Number of
Units
$86,016
$391,080
Total # Units:
8
20
20 Application
E. Miscellaneous Income
Annual Income from Laundry Facilities:
Annual Income from Vending Machines:
Annual Interest Income:
Other Annual Income:
Total Miscellaneous Income:
Total Annual Potential Gross Income:
F. Monthly Resident Utility Allowance by Unit Size
(utility allowances must be itemized and must agree with the applicable utility allowance schedule)
Other:
*PROJECTS PROPOSING UNITS WITH INDIVIDUAL WATER METERS MUST INCLUDE A WATER
ALLOWANCE.
Name of PHA or California Energy Commission Providing Utility Allowances:
See Regulation Section 10322(h)(21) for type of projects that are allowed to use CUAC.
G. Annual Residential Operating Expenses
Administrative Advertising:
Legal:
Accounting/Audit:
Security:
Other:
Total Administrative:
Management
Utilities Fuel:
Gas:
Electricity:
Water/Sewer:
Total Utilities:
Payroll / On-site Manager:
Payroll Taxes Maintenance Personnel:
Other:
Total Payroll / Payroll Taxes:
Total Insurance:
Office Expenses
$20,156
$19,300
Water:*
$1,000
$24,500
Total: $47
$10
$1,000
$13Space Heating:
Water Heating:
$8,000
Total Management:
$38,500
$13,500
$9,000
(specify here)
( ) BR
$4,000
$28,219
$26,500
$48,375
Solano County Housing Authority
$25,284
$5,720
$5,720
$6
3 BR
$10
2 BR
$482,816
SRO /
STUDIO 1 BR
Lighting:
Electricity:
$8
Cooking:
Air Conditioning
4 BR
(specify here)
21 Application
Maintenance Painting:
Repairs:
Trash Removal:
Exterminating:
Grounds:
Elevator:
Other:
Total Maintenance:
Other Operating Other:
Expenses Other:
Other:
Other:
Other:
Total Other Expenses:
Total Expenses
Total Annual Residential Operating Expenses:
Total Number of Units in the Project:
Total 3-Month Operating Reserve:
Total Annual Transit Pass / Internet Expense (site amenity election):
Total Annual Services Amenities Budget (from project expenses):
Total Annual Reserve for Replacement:
Total Annual Real Estate Taxes:
H. Commercial Income*
Total Annual Commercial/Non-Residential Revenue:
Total Annual Commercial/Non-Residential Expenses:
Total Annual Commercial/Non-Residential Debt Service:
Total Annual Commercial/Non-Residential Net Income:
*The Sources and Uses Budget must separately detail apportioned amounts for residential and commercial
space. Separate cash flow projections shall be provided for residential and commercial space. Income from
the residential portion of a project shall not be used to support any negative cash flow of a commercial portion,
and commercial income should not support the residential portion (Sections 10322(h)(15), (23); 10327(g)(7)).
$37,200
44
$16,000
$2,000
$1,500
$4,730
(specify here)
$5,000
Other (Specify):
(specify here)
$16,125
(specify here)
(specify here)
$5,000
$1,200
$22,000
Employee Free Rent Unit
$104,381
$208,159
$15,000
Other (Specify):
Total Annual Operating Expenses Per Unit:
$1,500
$15,000
(specify here)
$8,200
22 Application
A. Inclusion/Exclusion From Eligible Basis
Tax-Exempt Financing
Taxable Bond Financing
HOME Investment Partnership Act (HOME)
Community Development Block Grant (CDBG)
RHS 514
RHS 515
RHS 516
RHS 538
HOPE VI
McKinney-Vento Homeless Assistance Program
MIP
MHSA
MHP
National Housing Trust Fund (HTF)
Qualified Opportunity Zone Investment
FHA Risk Sharing loan?
State:
Local:
Other:
Other:
B. Rental Subsidy Anticipated
Indicate By Percent Of Units Affected, Any Rental Subsidy Expected To Be Available To The Project.
Approval Date: Approval Date:
Source: Source:
If Section 8: If Section 8:
Percentage: Percentage:
Units Subsidized: Units Subsidized:
Amount Per Year: Amount Per Year:
Total Subsidy: Total Subsidy:
Term: Term:
C. Pre-Existing Subsidies (Acq./Rehab. or Rehab-Only projects)
Indicate The Subsidy Amount For Any Of The Following Currently Utilized By The Project.
Sec 221(d)(3) BMIR: RHS 514:
HUD Sec 236: RHS 515:
If Section 236, IRP? RHS 521 (rent subsidy):
RHS 538: State / Local:
HUD Section 8: Rent Sup / RAP:
If Section 8:
HUD SHP:
Will the subsidy continue?: Other:
Other amount:
No
If lender is not funding source, list source
(HOME, CDBG, etc.) NOT lender.
Yes
N/A
N/A
N/A
N/A
N/A
$8,000,000
(specify here)
$275,000
N/A
N/A
N/A
N/A
Yes
(specify here)
N/A
Funding Sources
(specify here)
HUD 811 PRA Demo.
(select one)
$1,720,320
18%
N/A
8
$968,000
(select one) (select one)
Yes
N/A
N/A
N/A
Included in
Eligible Basis
Yes/No
No
20 Years
$86,016
Land Donation (Loan from GP)
N/A
First Northern Bank AHP
2/13/2017
No
If yes enter amount:
N/A
$3,467,814
N/A
III. PROJECT FINANCING - SECTION 4: LOAN AND GRANT SUBSIDIES
Amount
23 Application
A. Threshold Basis Limit
(a)
(b)
(c)
(d)
(e)
(f)
If Yes, select type:
For projects that certify that (1) they are subject to a project labor
agreement within the meaning of Section 2500(b)(1) of the Public
Contract Code, or (2) they will use a skilled and trained workforce as
defined by Section 25536.7 of the Health and Safety Code to perform
all onsite work within an apprenticeable occupation in the building and
construction trades.
Plus (+) 5% basis adjustment
Plus (+) 7% basis adjustment - Parking (New Construction)
For new construction projects required to provide parking beneath
residential units (not "tuck under" parking) or through construction of
an on-site parking structure of two or more levels.
Plus (+) 2% basis adjustment - Daycare
For projects where a day care center is part of the development.
Plus (+) 2% basis adjustment - 100% Special Needs
For projects where 100 percent of the Low-Income Units are for
Special Needs populations.
Plus (+) up to 10% basis adjustment - ITEM (e) Features
For projects applying under Section 10325 or Section 10326 of these
regulations that include one or more of the energy efficiency/resource
conservation/indoor air quality items
Plus (+) the lesser of the associated costs or up to a 15% basis
adjustment - Seismic upgrading / Environmental mitigation
Plus (+) 20% basis adjustment - Prevailing Wages
Adjustment for projects paid in whole or part out of public funds
subject to a legal requirement for the payment of state or federal
prevailing wages or financed in part by a labor-affiliated organization
requiring the employment of construction workers who are paid at
least state or federal prevailing wages.
List source(s) or labor-affiliated organization(s):
$2,976,442
Yes/No
III. PROJECT FINANCING - SECTION 5: THRESHOLD BASIS LIMIT
44
$14,882,208
No
Unit Basis Limit
$293,352
No
No. of Units
2 Bedrooms
HCD HOME Program
Unit Size
$581,808
1 Bedroom $338,232
3 Bedrooms
$408,000
No
Yes
44
(Basis) X (No. of Units)
No
TOTAL UNADJUSTED THRESHOLD BASIS LIMIT:
$522,240
4+ Bedrooms
No
N/A
$14,882,208
No
For projects requiring seismic upgrading of existing structures, and/or
on-site toxic or other environmental mitigation as certified by the
project architect or seismic engineer.
SRO/STUDIO
TOTAL UNITS:
24 Application
(g)
(h)
(i)
(j)
Rental Units: Total Rental Units @ 50% to 36% of AMI:
(k)
Rental Units: Total Rental Units @ 35% of AMI or Below:
Plus (+) 10% basis adjustment - Elevator
For projects wherein at least 95% of the project's upper floor units are
serviced by an elevator.
Plus (+) 10% basis adjustment - High Opportunity Area
For a project that is: (i) in a county that has an unadjusted 9%
threshold basis limit for a 2-bedroom unit equal to or less than
$400,000; AND (ii) located in a census tract designated on the
TCAC/HCD Opportunity Area Map as Highest or High Resource.
Plus (+) 1% basis adjustment - 50%AMI to 36%AMI Units
For each 1% of project's Low-Income and Market Rate Units
restricted between 36% and 50% of AMI.
Plus (+) 2% basis adjustment - At or below 35%AMI Units.
For each 1% of project's Low-Income and Market Rate Units
restricted at or below 35% of AMI.
Yes
$6,548,172
19
Yes
TOTAL ADJUSTED THRESHOLD BASIS LIMIT:
43
$31,252,637
$5,357,595
Yes
$1,488,221
No
43 8
Plus (+) Local Development Impact Fees
Local development impact fees required to be paid to local
government entities. Certification from local entities assessing fees
also required. WAIVED IMPACT FEES ARE INELIGIBLE.
No
25 Application
REVIEW REGULATION SECTION 10327(c)(5)(B) PRIOR TO COMPLETING THIS SECTION.
THE OPTIONS BELOW ARE PRESENTED WITH ABRIDGED LANGUAGE.
1
2
3
4
5
6
7
8
9
N/A
ITEM (e) Features
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Install bamboo, stained concrete, cork, salvaged or FSC-Certified wood, natural linoleum, natural rubber, or
ceramic tile in all kitchens, living rooms, and bathrooms (where no VOC adhesives or backing is also used).
Threshold Basis Limit increase 1%.
Install bamboo, stained concrete, cork, salvaged or FSC-Certified wood, natural linoleum, natural rubber, or
ceramic tile in all interior floor space other than units (where no VOC adhesives or backing is also used).
Threshold Basis Limit increase 2%.
For new construction projects only, meet all requirements of the U.S. Environmental Protection Agency
Indoor Air Plus Program. Threshold Basis Limit increase 2%.
N/A
Project shall have onsite renewable generation estimated to produce 50% or more of annual tenant
electricity use. If combined available roof area is insufficient, project shall have onsite renewable generation
based on at least 90% of the available solar accessible roof area. A project not availing itself of the 90% roof
area exception may also receive an increase under paragraph (2) only if the renewable generation used to
calculate each basis increase does not overlap. Threshold Basis Limit increase of 5%.
Project shall have onsite renewable generation estimated to produce 75% or more of annual common area
electricity use. If combined available roof area is insufficient, project shall have onsite renewable generation
based on at least 90% of the available solar accessible roof area. A project not availing itself of the 90% roof
area exception may also receive an increase under paragraph (1) only if the renewable generation used to
calculate each basis increase does not overlap. Threshold Basis Limit increase of 2%.
Newly constructed project buildings shall be more energy efficient than 2019 Energy Efficiency Standards
(CA Code of Regulations, Title 24, Part 6) by at least 5, EDR points for energy efficiency alone
(not counting solar); except that if the local department has determined that building permit applications
submitted on or before December 31, 2019 are complete, then newly constructed project buildings shall be
15% or more energy efficiency than the 2016 Energy Efficiency Standards (CA Code of Regulations, Title
24, Part 6). Threshold Basis Limit increase of 4%.
Rehabilitated project buildings shall have an 80% decrease in estimated annual energy use (or improvement
in energy efficiency) in the HERS II post rehabilitation. Threshold Basis Limit increase 4%.
Irrigate only with reclaimed water, greywater, or rainwater (excluding water used for community gardens), or
irrigate with reclaimed water, greywater, or rainwater in an amount that annually equals or exceeds 20,000
gallons or 300 gallons per unit, whichever is less.
Threshold Basis Limit increase 1%.
Community gardens of at least 60 square feet per unit. Permanent site improvements that provide a viable
growing space within the project. Threshold Basis Limit increase 1%.
26 Application
IV. SOURCES AND USES BUDGET - SECTION 1: SOURCES AND USES BUDGET
TOTAL
PROJECT
COST RES. COST COM'L. COST
TAX CREDIT
EQUITY
1)CA
Community
Reinvestment
Corp.
2)HCD HOME 3)First
Northern Bank
AHP
4)Land
Donation from
MGP (Parent
Entity)
5)Deferred
Developer Fee
6) 7) 8) 9) 10) 11) 12) SUBTOTAL
30% PVC for
New
Const/Rehab
LAND COST/ACQUISITION
Land Cost or Value $275,000 $275,000 $275,000 $275,000
Demolition
Legal
Land Lease Rent Prepayment
Total Land Cost or Value $275,000 $275,000 $275,000 $275,000
Existing Improvements Value
Off-Site Improvements
Total Acquisition Cost
Total Land Cost / Acquisition Cost $275,000 $275,000 $275,000 $275,000
Predevelopment Interest/Holding Cost
Assumed, Accrued Interest on Existing Debt
(Rehab/Acq)
Excess Purchase Price Over Appraisal
REHABILITATION
Site Work
Structures
General Requirements
Contractor Overhead
Contractor Profit
Prevailing Wages
General Liability Insurance
Other: (Specify)
Total Rehabilitation Costs
Total Relocation Expenses
NEW CONSTRUCTION
Site Work $800,000 $800,000 $800,000 $800,000 $800,000
Structures $6,600,000 $6,600,000 $764,186 $2,200,000 $2,667,814 $968,000 $6,600,000 $6,600,000
General Requirements $550,000 $550,000 $550,000 $550,000 $550,000
Contractor Overhead $240,000 $240,000 $240,000 $240,000 $240,000
Contractor Profit $240,000 $240,000 $240,000 $240,000 $240,000
Prevailing Wages
General Liability Insurance $120,000 $120,000 $120,000 $120,000 $120,000
Security $120,000 $120,000 $120,000 $120,000 $120,000
Total New Construction Costs $8,670,000 $8,670,000 $2,034,186 $2,200,000 $3,467,814 $968,000 $8,670,000 $8,670,000
ARCHITECTURAL FEES
Design $250,000 $250,000 $250,000 $250,000 $250,000
Supervision $125,000 $125,000 $125,000 $125,000 $125,000
Total Architectural Costs $375,000 $375,000 $375,000 $375,000 $375,000
Total Survey & Engineering $110,000 $110,000 $110,000 $110,000 $110,000
CONSTRUCTION INTEREST & FEES
Construction Loan Interest $525,000 $525,000 $525,000 $525,000 $295,000
Origination Fee $60,000 $60,000 $60,000 $60,000 $60,000
Credit Enhancement/Application Fee
Bond Premium
Cost of Issuance $16,000 $16,000 $16,000 $16,000 $16,000
Title & Recording $40,000 $40,000 $40,000 $40,000 $40,000
Taxes $2,000 $2,000 $2,000 $2,000 $2,000
Insurance $80,000 $80,000 $80,000 $80,000 $80,000
Lender Inspection Fees $12,000 $12,000 $12,000 $12,000 $12,000
Predevelopment Loan Interest $75,000 $75,000 $75,000 $75,000 $75,000
Total Construction Interest & Fees $810,000 $810,000 $810,000 $810,000 $580,000
PERMANENT FINANCING
Loan Origination Fee $22,000 $22,000 $22,000 $22,000
Credit Enhancement/Application Fee
Title & Recording $25,000 $25,000 $25,000 $25,000
Taxes
Insurance
Other: (Specify)
Other: (Specify)
Total Permanent Financing Costs $47,000 $47,000 $47,000 $47,000
Subtotals Forward $10,287,000 $10,287,000 $3,376,186 $2,200,000 $3,467,814 $968,000 $275,000 $10,287,000 $9,735,000
LEGAL FEES
Lender Legal Paid by Applicant $120,000 $120,000 $120,000 $120,000 $100,000
Other: Borrower's Counsel $50,000 $50,000 $50,000 $50,000 $30,000
Total Attorney Costs $170,000 $170,000 $170,000 $170,000 $130,000
Permanent Sources
26 Sources and Uses Budget
IV. SOURCES AND USES BUDGET - SECTION 1: SOURCES AND USES BUDGET
TOTAL
PROJECT
COST RES. COST COM'L. COST
TAX CREDIT
EQUITY
1)CA
Community
Reinvestment
Corp.
2)HCD HOME 3)First
Northern Bank
AHP
4)Land
Donation from
MGP (Parent
Entity)
5)Deferred
Developer Fee
6) 7) 8) 9) 10) 11) 12) SUBTOTAL
30% PVC for
New
Const/Rehab
Permanent Sources
RESERVES
Rent Reserves $104,381 $104,381 $104,381 $104,381
Capitalized Rent Reserves
Required Capitalized Replacement Reserve
3-Month Operating Reserve
Additional Investor-Required Reserve $104,381 $104,381 $104,381 $104,381
Total Reserve Costs $208,762 $208,762 $208,762 $208,762
CONTINGENCY COSTS
Construction Hard Cost Contingency $433,500 $433,500 $433,500 $433,500 $433,500
Soft Cost Contingency $212,535 $212,535 $212,535 $212,535 $212,535
Total Contingency Costs $646,035 $646,035 $646,035 $646,035 $646,035
OTHER PROJECT COSTS
TCAC App/Allocation/Monitoring Fees $60,649 $60,649 $60,649 $60,649
Environmental Audit $15,000 $15,000 $15,000 $15,000 $15,000
Local Development Impact Fees $1,356,754 $1,356,754 $1,356,754 $1,356,754 $1,356,754
Permit Processing Fees $85,000 $85,000 $85,000 $85,000 $85,000
Capital Fees
Marketing $22,000 $22,000 $22,000 $22,000
Furnishings $10,000 $10,000 $10,000 $10,000 $10,000
Market Study $12,000 $12,000 $12,000 $12,000 $12,000
Accounting/Reimbursables $5,000 $5,000 $5,000 $5,000 $5,000
Appraisal Costs $15,000 $15,000 $15,000 $15,000 $15,000
Construction Testing $60,000 $60,000 $60,000 $60,000 $60,000
CDLAC Fees $7,800 $7,800 $7,800 $7,800
US Bank Paying Agent Fee $6,500 $6,500 $6,500 $6,500 $6,500
Final Cost Audit $8,500 $8,500 $8,500 $8,500 $8,500
Prevailing Wage Monitor $30,000 $30,000 $30,000 $30,000 $30,000
Total Other Costs $1,694,203 $1,694,203 $1,694,203 $1,694,203 $1,603,754
SUBTOTAL PROJECT COST $13,006,000 $13,006,000 $6,095,186 $2,200,000 $3,467,814 $968,000 $275,000 $13,006,000 $12,114,789
DEVELOPER COSTS
Developer Overhead/Profit $1,740,000 $1,740,000 $811,421 $928,579 $1,740,000 $1,740,000
Consultant/Processing Agent
Project Administration
Broker Fees Paid to a Related Party
Construction Oversight by Developer
Other: (Specify)
Total Developer Costs $1,740,000 $1,740,000 $811,421 $928,579 $1,740,000 $1,740,000
TOTAL PROJECT COSTS $14,746,000 $14,746,000 $6,906,607 $2,200,000 $3,467,814 $968,000 $275,000 $928,579 $14,746,000 $13,854,789
Note: Syndication Costs shall NOT be included as a project cost. Bridge Loan Expense During Construction:
Calculate Maximum Developer Fee using the eligible basis subtotals. Total Eligible Basis: $13,854,789
DOUBLE CHECK AGAINST PERMANENT FINANCING TOTALS: 6,906,607 2,200,000 3,467,814 968,000 275,000 928,579
27 Sources and Uses Budget
V. BASIS AND CREDITS : 4% FEDERAL AND STATE CREDIT
A. Determination of Eligible and Qualified Basis
Projects w/ building(s) located in DDA/QCT areas & Non-DDA/Non-QCT areas, bifurcate accordingly.
(Boost is auto calculated from your selection in: II. APPLICATION - SECTION 2: GENERAL AND SUMMARY INFORMATION - B)
B. Determination of Federal Credit
Total Basis Reduction:
Total Requested Unadjusted Eligible Basis:
*Voluntary exclusions of eligible basis should be made from rehabilitation eligible basis.
Qualified Basis:
***Applicable Percentage:
Subtotal Annual Federal Credit:
Total Combined Annual Federal Credit:***Applicants are required to use these percentages in calculating credit at the application stage.
Total Adjusted Threshold Basis Limit:
**QCT or DDA Adjustment:
Total Adjusted Eligible Basis:
Applicable Fraction:
$13,854,789
$448,895
$448,895
Subtract (specify other ineligible amounts):
Subtract (specify other ineligible amounts):
Total Ineligible Amounts:
*Total Eligible Basis Amount Voluntarily Excluded:
Ineligible Amounts
Subtract All Grant Proceeds Used to Finance Costs in Eligible Basis:
Subtract Non-Qualified Non-Recourse Financing:
Subtract Non-Qualifying Portion of Higher Quality Units:
Subtract Photovoltaic Credit (as applicable):
Subtract Historic Credit (residential portion only):
V. BASIS AND CREDITS : 4% FEDERAL AND STATE CREDIT
30% PVC for
New Const/
Rehabilitation
NON-DDA/
NON-QCT
Building(s)
30% PVC for
Acquisition
NON-DDA/
NON-QCT
Building(s)
$13,854,789Total Eligible Basis:
Total Qualified Basis:
100% 100% 100% 100%
$31,252,637
100% 100% 100% 100%
$13,854,789
$13,854,789
Qualified Basis:
$13,854,789
New Const/
Rehab Acquisition
$13,854,789
3.24% 3.24%
**130% boost if the building(s) is/are located in a DDA or QCT, or Reg. Section 10317(d) as applicable.
24 Basis & Credits
C. Determination of Minimum Federal Credit Necessary For Feasibility
Total Project Cost
Permanent Financing
Funding Gap
Federal Tax Credit Factor
Total Credits Necessary for Feasibility
Annual Federal Credit Necessary for Feasibility
Maximum Annual Federal Credits
Equity Raised From Federal Credit
Remaining Funding Gap
D. Determination of State Credit
State Credit Basis
Factor Amount
Maximum Total State Credit
E. Determination of Minimum State Credit Necessary for Feasibility
State Tax Credit Factor
State Credit Necessary for Feasibility
Maximum State Credit
Equity Raised from State Credit
Remaining Funding Gap
FUNDING GAP MUST NOT EXCEED ZERO
F. Ranking System for $500M State Credit Applications
State Tax Credit per Tax Credit Unit
Tax Credit Unit per State Tax Credit 0.0000127032
Ranking - $500M State Credit Applications
Federal Credit
$78,720.30
$14,746,000
$7,839,393
$2,892,184
NC/Rehab Acquisition
$13,854,789New construction or rehabilitation basis only;
No acquisition basis except for At-Risk projects eligible for State Credit
$0.89429
Federal tax credit factor must be at least $1.00 for self-syndication projects or at
least $0.85 for all other projects.
$7,723,006
$772,301
$448,895
$4,014,423
$500M State Credit
$6,906,607
$3,463,693
$3,463,693
$2,892,184
$0
30% 30%
$4,156,437 $0
$0.83500State tax credit factor must be at least $0.80 for "certified" state credits; at least
$0.79 for self-syndication projects; or at least $0.70 for all other projects.
25 Basis & Credits
15 YEAR PROJECT CASH FLOW PROJECTIONS - Refer to TCAC Regulation Sections 10322(h)(22), 10325(f)(5), 10326(g)(4), 10327(f) and (g).
REVENUE MULTIPLIER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15
Gross Rent 1.025 $391,080 $400,857 $410,878 $421,150 $431,679 $442,471 $453,533 $464,871 $476,493 $488,405 $500,615 $513,131 $525,959 $539,108 $552,586
Less Vacancy 5.00% -19,554 -20,043 -20,544 -21,058 -21,584 -22,124 -22,677 -23,244 -23,825 -24,420 -25,031 -25,657 -26,298 -26,955 -27,629
Rental Subsidy 1.025 86,016 88,166 90,371 92,630 94,946 97,319 99,752 102,246 104,802 107,422 110,108 112,860 115,682 118,574 121,538
Less Vacancy 5.00% -4,301 -4,408 -4,519 -4,631 -4,747 -4,866 -4,988 -5,112 -5,240 -5,371 -5,505 -5,643 -5,784 -5,929 -6,077
Miscellaneous Income 1.025 5,720 5,863 6,010 6,160 6,314 6,472 6,633 6,799 6,969 7,143 7,322 7,505 7,693 7,885 8,082
Less Vacancy 5.00% -286 -293 -300 -308 -316 -324 -332 -340 -348 -357 -366 -375 -385 -394 -404
Total Revenue $458,675 $470,142 $481,896 $493,943 $506,292 $518,949 $531,923 $545,221 $558,851 $572,822 $587,143 $601,822 $616,867 $632,289 $648,096
EXPENSES
Operating Expenses: 1.035
Administrative $24,500 $25,358 $26,245 $27,164 $28,114 $29,098 $30,117 $31,171 $32,262 $33,391 $34,560 $35,769 $37,021 $38,317 $39,658
Management 25,284 26,169 27,085 28,033 29,014 30,029 31,080 32,168 33,294 34,459 35,666 36,914 38,206 39,543 40,927
Utilities 38,500 39,848 41,242 42,686 44,180 45,726 47,326 48,983 50,697 52,472 54,308 56,209 58,176 60,212 62,320
Payroll & Payroll Taxes 48,375 50,068 51,821 53,634 55,511 57,454 59,465 61,547 63,701 65,930 68,238 70,626 73,098 75,656 78,304
Insurance 19,300 19,976 20,675 21,398 22,147 22,922 23,725 24,555 25,414 26,304 27,225 28,177 29,164 30,184 31,241
Maintenance 37,200 38,502 39,850 41,244 42,688 44,182 45,728 47,329 48,985 50,700 52,474 54,311 56,212 58,179 60,215
Other Operating Expenses (specify): 15,000 15,525 16,068 16,631 17,213 17,815 18,439 19,084 19,752 20,443 21,159 21,900 22,666 23,459 24,280
Total Operating Expenses $208,159 $215,445 $222,985 $230,790 $238,867 $247,228 $255,881 $264,836 $274,106 $283,699 $293,629 $303,906 $314,543 $325,552 $336,946
Transit Pass/Tenant Internet Expense*1.035 2,000 2,070 2,142 2,217 2,295 2,375 2,459 2,545 2,634 2,726 2,821 2,920 3,022 3,128 3,237
Service Amenities 1.035 16,125 16,689 17,274 17,878 18,504 19,151 19,822 20,516 21,234 21,977 22,746 23,542 24,366 25,219 26,101
Replacement Reserve 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000
Real Estate Taxes 1.020 1,200 1,224 1,248 1,273 1,299 1,325 1,351 1,378 1,406 1,434 1,463 1,492 1,522 1,552 1,583
Other (Specify): 1.035 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other (Specify): 1.035 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Expenses $249,484 $257,428 $265,650 $274,159 $282,965 $292,079 $301,512 $311,275 $321,379 $331,836 $342,659 $353,860 $365,453 $377,451 $389,868
Cash Flow Prior to Debt Service $209,191 $212,714 $216,246 $219,784 $223,327 $226,870 $230,410 $233,946 $237,472 $240,986 $244,484 $247,962 $251,415 $254,838 $258,228
MUST PAY DEBT SERVICE
CA Community Reinvestment Corp. 160,118 160,118 160,118 160,118 160,118 160,118 160,118 160,118 160,118 160,118 160,118 160,118 160,118 160,118 160,118
HCD HOME Monitoring Fee 10,920 11,248 11,248 11,248 11,248 11,248 11,248 11,248 11,248 11,248 11,248 11,248 11,248 11,248 11,248
CalHFA Bond Compliance Fee 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500
Total Debt Service $178,538 $178,866 $178,866 $178,866 $178,866 $178,866 $178,866 $178,866 $178,866 $178,866 $178,866 $178,866 $178,866 $178,866 $178,866
Cash Flow After Debt Service $30,653 $33,849 $37,380 $40,919 $44,461 $48,004 $51,545 $55,080 $58,607 $62,121 $65,619 $69,096 $72,549 $75,973 $79,362
Percent of Gross Revenue 6.35% 6.84% 7.37% 7.87% 8.34% 8.79% 9.21% 9.60% 9.96% 10.30% 10.62% 10.91% 11.17% 11.41% 11.63%
25% Debt Service Test 17.17% 18.92% 20.90% 22.88% 24.86% 26.84% 28.82% 30.79% 32.77% 34.73% 36.69% 38.63% 40.56% 42.47% 44.37%
Debt Coverage Ratio 1.172 1.189 1.209 1.229 1.249 1.268 1.288 1.308 1.328 1.347 1.367 1.386 1.406 1.425 1.444
OTHER FEES**
GP Partnership Management Fee
LP Asset Management Fee
Incentive Management Fee
Total Other Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Remaining Cash Flow $30,653 $33,849 $37,380 $40,919 $44,461 $48,004 $51,545 $55,080 $58,607 $62,121 $65,619 $69,096 $72,549 $75,973 $79,362
Deferred Developer Fee** $30,653 $33,849 $37,380 $40,919 $44,461 $48,004 $51,545 $55,080 $58,607 $62,121 $65,619 $69,096 $72,549 $75,973 $79,362
Residual or Soft Debt Payments**
*9% and 4% + state credit applications should include the cost of tenant internet service if requested in the Points System site amenity section.
**Other Fees and all payments made from cash flow after must pay debt should be completed according to the terms of the partnership agreement (or equivalent ownership entity terms). Please re-order line items consistent with any "order of priority" terms. These items are to be completed when submitting an updated application for
the Carryover, Readiness, Final Reservation, and Placed-in-Service deadlines.
15 Year Pro Forma